Former President Donald Trump’s media company, the Trump Media and Technology Group (TMTG), has been subpoenaed by both a federal grand jury in Manhattan and the Securities and Exchange Commission (SEC).

Financial regulators have been investigating TMTG as part of a potential merger between it and Digital World Acquisition Corp, special purpose acquisition company (SPAC).

According to the New York Times, Trump’s media company stands to gain a stock market listing and up to $1 billion in capitol if the merger goes through.

The merger was announced last October and has been under investigation by financial regulators since.

The investigation centers around whether discussions took place between the leadership of Digital World and Trump Media before the SPAC went public. SPACs raise money to go public in the hopes of finding a merger candidate, but they are not supposed to have a target in mind when they raise money.

The SEC’s subpoena filing says it is “seeking documents relating to, among other things, Digital World and other potential counterparties for a business transaction involving TMTG.”

Similarly, the subpoena from the federal grand jury is “seeking a subset of the same or similar documents demanded in subpoenas to Digital World and its directors.”

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